EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of reconciliation of the numerator and denominator of earnings per share calculations

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	5,408	$	9,340
Deduct net income attributable to non-controlling interests		(22)		(17)
Deduct earnings allocated to unvested restricted stock (a)		(329)		(328)
Net income available for common stockholders: basic and diluted	$	5,057	$	8,995
Denominator for basic earnings per share:
Weighted average number of common shares outstanding		20,514		20,379
Effect of dilutive securities: RSUs		65		162
Denominator for diluted earnings per share:
Weighted average number of shares		20,579		20,541

Earnings per common share, basic and diluted	$	.25	$	.44

(a)	Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs

The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods:


Three Months Ended March 31, 2023:
	Total Number	Shares Included Based on (a)
	of Underlying	Return on	Stockholder		Shares
Date of Award (b)	Shares	Capital Metric	Return Metric	Total	Excluded (c)
July 1, 2022	85,350	42,522	—	42,522	42,828
August 3, 2021	80,700	40,350	—	40,350	40,350
August 3, 2020	75,026	37,513	37,513	75,026	—
Totals	241,076	120,385	37,513	157,898	83,178


Three Months Ended March 31, 2022:
	Total Number	Shares Included Based on (a)
	of Underlying	Return on	Stockholder		Shares
Date of Award (b)	Shares	Capital Metric	Return Metric	Total	Excluded (c)
August 3, 2021	80,700	40,350	40,350	80,700	—
August 3, 2020	75,026	37,513	37,513	75,026	—
July 1, 2019 (d)	75,026	37,513	37,513	75,026	—
Totals	230,752	115,376	115,376	230,752	—

(a)	Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is March 31 of the applicable period.

(b)	The RSUs awarded in 2022, 2021 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025, 2024 and 2023, respectively (see Note 10).

(c)	Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates.

(d)	With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 10).